UTIMCO to give performance bonuses

AUSTIN — The trustees of Texas’ public higher education endowment funds are recommending more than $3.3 million in performance bonuses for investment managers despite $2.6 billion in lost value over the past fiscal year.

But the top managers of the University of Texas Investment Management Co. agreed to defer payment of their bonuses for two years.

The UTIMCO trustees came under sharp criticism from state lawmakers, Gov. Rick Perry and Lt. Gov. David Dewhurst earlier this year for giving $3.3 million in performance bonuses last year during the dramatic downturn in the economy. One legislator said the action “shattered” public trust.